Gulf Marine Services PLC : - Publication of Shareholder Circular and Notice of General Meeting

Gulf Marine Services PLC - Publication of Shareholder Circular and Notice of General Meeting.

The Company announces today that it is publishing a shareholder circular (the 'Circular') which includes a notice of a general meeting to be held on 10 November 2020 to consider resolutions (the 'Seafox Resolutions') to (i) remove Mr. Mike Turner, Mr. David Blewden, Mr. Mo Bississo and Dr. Shona Grant as directors of the Company and (ii) appoint Mr. Rashad Saif Al Jarwan, Mr. Mansour Al Alami and Mr. Saeed Mer Abdulla Khoory as directors of the Company (the 'Requisitioned General Meeting').

For additional background to the Requisitioned General Meeting, the Board draws your attention to the Company's Circular to Shareholders and Notice of General Meeting dated 8 October 2020, relating to the issuance of Warrants to the Group's consortium of lending banks as a consequence of the Company having restructured the Group's term loan facilities on 9 June 2020.

Contact:

Tim Summers

Tel: [phone]

ABOUT GMS

GMS, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world-leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates, Saudi Arabia and the United Kingdom. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.

The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS's clients in a broad range of offshore oil and gas platform refurbishment and maintenance activities, well intervention work and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore oil and gas platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).

The SESVs are categorised by size - K-Class (Small), S-Class (Mid) and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.

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